Realities and Myths of Owning a Home

Myth: Homeownership is Necessary to be Wealthy

7. Myth: Homeownership is Necessary to be Wealthy

The truth is, you do not have to own real estate to accumulate or sustain a healthy financial status. Homeownership is a personal choice, and quite frankly, a significant investment of time and money, and so the decision to buy should be based on your ability to afford the new home, not the ideal that you’ll be wealthy because of it. Without the extra costs of homeownership, you could accumulate a substantial amount in savings or investments over time, helping you build wealth in a different way.

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